When buying a home, many people overlook the significant cost of land transfer tax. When you acquire a property (and the land it rests on), you must pay a tax to the government after the transaction closes. The amount paid depends on the value of your property. Our calculator shows you how much you can expect to pay and why.
* For mortgages of at least $500,000 with down payment under 20%.
WOWA assumes no liability for the accuracy of information presented.
† For mortgages of at least $500,000 over a 25-year amortization period.
|Purchase Price of Home||Marginal Land Title Tranfer Fee|
|$525 to $8,800||$25.97|
Although Saskatchewan does not charge Land Transfer Taxes as the other provinces do, they do charge several smaller closing fees collected by your lawyer. The Saskatchewan Land Titles Registry (ISC) takes care of issuing titles and transactions regarding property and land, and when a piece of land is bought its title must be registered with the Registry showing its location and owner. Similar to Land Transfer Taxes in other provinces, Saskatchewan charges a much smaller fee on the registration of the buyer’s title called Land Titles Fee. Other fees include a flat fee paid on registering a mortgage and other other documents, legal fees paid to lawyers and other professionals which would normally cost around $1000 or lower if there is no mortgage involved, and costs associated with property taxes and adjustments if the seller has already paid taxes for the property in which case you would need to provide credit for your share of taxes. There are no rebates for first-time home buyers.
Visit our Canada Land Transfer Tax page to find out more information about land transfer and other taxes accross Canada.